Uncut diamonds from southern Africa and Canada are seen at De Beers headquarters in London, January 17, 2011. REUTERS

When investors think of safe havens, the most obvious options that come to their mind are gold, treasuries or certain currencies such as the yen and Swiss franc.

But analysts are setting their sights on another precious material: diamonds, and their potential to become a veritable asset class for the first time.

The Singapore Diamond Investment Exchange is listing a product called Diamond Bullion, or sets of investment-grade polished gems, in denominations of about $100,000 and $200,000 each.

Diamond Bullion, produced by the Singapore Diamond Mint, is a collection of investment grade diamonds whose value can be quickly checked.

Unlike gold, the gems currently have no spot price or conventional market besides jewelers and pawn shops.

This listing will make it a fungible product that can be exchange-traded for instant price transparency and liquidity.

SDIX, launched in 2016, says it is the world's first and only electronic exchange for trading investment-grade diamonds.

Investors will be able to trade their diamond bullions globally and obtain real-time pricing data via the SDIX website or the Singapore Diamond Mint mobile app.

"The Diamond Bullion is designed to be the 'Gold Bullion for diamonds': a standard, portable and highly liquid format that allows investors to access the unlocked and true value of diamonds for the first time," Singapore Diamond Mint Chairman, Francis Yeoh said.